LEASES (Tables)

12 Months Ended

Dec. 31, 2023

The amounts for leases included in our consolidated balance sheets include:


		December 31,
		2023		2022
	Balance Sheet Location:	($ in millions)
Lease Assets
Operating	Operating lease assets, net	$	344.7	$	356.0
Finance	Property, plant and equipment, net(1)	—		2.4
Total lease assets		$	344.7	$	358.4

Lease Liabilities
Current
Operating	Current operating lease liabilities	$	69.3	$	71.8
Finance	Current installments of long-term debt	—		1.0
Long-term
Operating	Operating lease liabilities	283.1		292.5
Finance	Long-term debt	—		0.9
Total lease liabilities		$	352.4	$	366.2

(1) As of December 31, 2022, assets recorded under finance leases were $7.6 million and accumulated depreciation associated with finance leases was $5.2 million.

Lease Expense

The components of lease expense are recorded to cost of goods sold and selling and administrative expenses in the consolidated statement of operations, excluding interest on finance lease liabilities which is recorded to interest expense. The components of lease expense were as follows:


	Years Ended December 31,
	2023		2022		2021
Lease Expense	($ in millions)
Operating lease expense	$	88.4	$	93.4	$	97.1
Variable and short-term lease expense	24.6		32.5		28.7
Finance lease expense:
Depreciation of leased assets	0.5		1.0		1.1
Interest on lease liabilities	—		0.1		0.1
Total lease expense	$	113.5	$	127.0	$	127.0

Operating Lease Liability Maturity Schedule

Future maturities of operating lease liabilities as of December 31, 2023, are summarized below:


	Operating Leases
Future Lease Maturities	($ in millions)
2024	$	80.9
2025	70.8
2026	55.0
2027	44.0
2028	37.1
Thereafter	132.6
Total lease payments	420.4
Less: Imputed interest(1)	(68.0)
Present value of lease liabilities	$	352.4

(1) Calculated using the discount rate for each lease.

Finance Lease Liability Maturity Schedule

Future maturities of operating lease liabilities as of December 31, 2023, are summarized below:


	Operating Leases
Future Lease Maturities	($ in millions)
2024	$	80.9
2025	70.8
2026	55.0
2027	44.0
2028	37.1
Thereafter	132.6
Total lease payments	420.4
Less: Imputed interest(1)	(68.0)
Present value of lease liabilities	$	352.4

(1) Calculated using the discount rate for each lease.

Supplemental Lease Information

Other information related to leases was as follows:


	Years Ended December 31,
	2023		2022		2021
Supplemental Cash Flows Information	($ in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	88.8	$	93.1	$	97.4
Operating cash flows from finance leases	—		0.1		0.1
Financing cash flows from finance leases	1.9		1.1		1.1
Non-cash increase in lease assets and lease liabilities:
Operating leases	$	71.1	$	71.8	$	56.7
Finance leases	—		—		0.1